I don’t think EM is overcrowded broadly, says EM trader Tim Seymour, certainly not China. It seems to me investors are underweight China. The overweights are Brazil, Russia and India and that's where I'd be careful.

Considering all the uncertainty and divergent outlooks, how should you navigate this market?

I'd look at sectors that seem most bullet proof, says Guy Adami. Look at Agco in agriculture - and Akamai in digital.

I'd look at utilities, says Tim Seymour. They’ve lagged.

I like IBM which is only trading at 11 times earnings, says Karen Finerman. That’s very attractive to me. It’s not terribly exciting but you won’t get crushed to the downside owning a high quality name like this one.

* It's also worth noting that not everyone thinks the chart at the top of the post illustrates crowded trades.

That chart says to me that investors are currently bidding up sectors that priced in a U-shaped recovery (or weaker recovery), says Joe Terranova. Considering the economic data has been mostly bullish more investors are bet on a V-shaped recovery (one that moves sharply higher).

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UNDER THE RADAR: TOOL TRADE

The traders are watching the action in Danaher after the industrial conglomerate raised its profit outlook for the first quarter.

What’s the trade?

With an 80-handle, if you’re in the name I’d take profits, says Guy Adami. However on a pullback I’d get long. Also I’d put SNA on the radar.

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For Joe TerranovaTerranova Works For (VRTS)Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.Virtus Investment Partners Owns More Than 1% Of (EXR)Virtus Investment Partners Owns More Than 1% Of (GOK)Virtus Investment Partners Owns More Than 1% Of (IGE)Virtus Investment Partners Owns More Than 1% Of (XLY)Virtus Investment Partners Owns More Than 1% Of (DBV)Virtus Investment Partners Owns More Than 1% Of (XLP)Virtus Investment Partners Owns More Than 1% Of (XLB)Virtus Investment Partners Owns More Than 1% Of (XLV)Virtus Investment Partners Owns More Than 1% Of (XLI)